Thrifty Car Rental 2010 Annual Report Download - page 69

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reimbursement for Program Vehicles while at auction and for certain delivery related interest
costs. The aggregate amount of payments recognized from Chrysler for guaranteed residual
value program payments, promotional payments, interest reimbursement and other incentives,
other than recovery costs, totaled $17.0 million, $181.6 million and $670.4 million in 2010, 2009
and 2008, respectively, of which a substantial portion of the payments relate to the Company’s
guaranteed residual value program and outstanding balances at year-end are included in
Vehicle Manufacturer Receivables within Receivables, net on the consolidated balance sheet.
Buyback payments received from the Canadian subsidiary of Chrysler were $19.8 million,
$38.2 million and $132.9 million in 2010, 2009 and 2008, respectively, and outstanding
balances at year-end are included in Vehicle Manufacturer Receivables within Receivables, net
on the consolidated balance sheet.
The Company also acquires both Program and Non-Program Vehicles from other
manufacturers. The aggregate amount of payments recognized from all manufacturers other
than Chrysler for buyback or repurchase payments, guaranteed residual value program
payments, interest reimbursement and other incentives, other than recovery costs, totaled
$138.8 million, $304.6 million and $251.1 million in 2010, 2009 and 2008, respectively, of which
a substantial portion of the payments relate to the manufacturers’ buyback programs, and the
outstanding balances at year-end are included in Vehicle Manufacturer Receivables within
Receivables, net on the consolidated balance sheet.
Rent expense for vehicles leased from other vehicle manufacturers and third parties under
operating leases was $0.1 million, $0.5 million and $1.2 million for 2010, 2009 and 2008,
respectively, and is included in vehicle depreciation and lease charges, net.
6. VEHICLE DEPRECIATION AND LEASE CHARGES, NET
Vehicle depreciation and lease charges include the following:
2010 2009 2008
Depreciation of revenue-earning vehicles 362,233$ 460,660$ 539,024$
Net gains from disposal of revenue-earning vehicles (63,084) (35,086) (774)
Rents paid for vehicles leased 51 518 1,156
299,200$ 426,092$ 539,406$
Year Ended December 31,
(In Thousands)
7. PROPERTY AND EQUIPMENT
Major classes of property and equipment consist of the following:
2010 2009
Land 12,022$ 12,209$
Buildings and improvements 23,325 23,212
Furniture and equipment 81,847 94,919
Leasehold improvements 128,742 123,054
Construction in progress 2,824 9,453
248,760 262,847
Less accumulated depreciation and amortization (158,532) (166,649)
90,228
$
96,198
$
December 31,
(In Thousands)
68